Rivian's stock has fallen more than 25% over the past three months, sliding from $20 on July 6 to just above $15, as the electric-vehicle maker lost $833 million on slightly more than 12,000 vehicles produced and delivered in its most recent quarter. The company's new R2 model launched at almost $58,000 even though it is advertised with a base price of $44,990, leaving potential buyers to wait several months for the cheaper version and handing Tesla's top-selling Model Y a head start. Rivian's Autonomy+ driver-assistance system also ranks below Tesla's Full Self-Driving, which Motor Trend calls the best advanced driver assistance system on the market. The U.S. EV market was badly crippled in the first half of the year, with most estimates putting the year-over-year sales drop at 20% to 25%, and the loss of a $7,500 tax credit on September 30 may be a reason. Recent Cox data show Americans have stayed with their gas-powered cars despite higher gas prices, and there is no reason to think Rivian's stock will trade much more than sideways until it releases Q3 figures.
Rivian Automotive IncRivian lost $833 million on just over 12,000 vehicles produced and delivered in its most recent quarter.
Tesla IncRivian's pricier R2 launch and weaker Autonomy+ system hand Tesla's top-selling Model Y a head start.
Lucid Group Inc